Google reportedly getting ready to invest $1 billion in Lyft
After spinning off their self-driving car unit into Waymo, Google is looking to further invest in on-demand ride-sharing services. According to sources out of Bloomberg, Google (or perhaps CapitalG, Alphabet’s private-equity arm) is reportedly gearing up to invest a cool $1 billion in Lyft, the long struggling Uber competitor.
The move somewhat makes sense given Google’s legal battles with Uber over their self-driving car technology. Also don’t forget that Waymo, Alphabet’s self-driving car unit, already partnered up with Lyft back in May ,although specifics of the deal were mostly kept in the dark.
Currently, Lyft is being backed by big automotive names like Jaguar, Land Rover, and GM — where they’ve picked up over $525 million in investor money. If there was anyone that was going to put a stop to Uber monopolizing the ride-sharing industry, Lyft could be our best hope.